CCR2009031-TIF Monies
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #031-2009
APPROVAL TO AUTHORIZE PAYMENT OF GRANT
TO ACE INDUSTRIAL PROPERTIES, INC. PURSUANT TO DEVELOPMENT
AGREEMENT WITH RESPECT TO TAX INCREMENTAL DISTRICT NO. 10
WHEREAS the City of Muskego, Wisconsin (the "City") has entered into a Development
Agreement dated as of April 2, 2008 (the "Development Agreement") with Ace Industrial
Properties, Inc. (the "Developer");
WHEREAS Section III.B. of the Development Agreement provides that, upon compliance by the
Developer with the conditions of the Development Agreement, the City is to pay to the
Developer a grant (the "Grant") to reimburse the Developer for the cost of the Developer
Improvements and Dedicated Improvements (as those terms are defined in the Development
Agreement); and
WHEREAS such conditions (which include (1) substantial completion of the Building, Developer
Improvements and Dedicated Improvements and (2) the transfer and dedication of the
Dedicated Lands to the City) have now been satisfied by the Developer;
NOW, THEREFORE, BE IT RESOLVED that:
Section 1. Payment of Grant. The officers of the City are authorized and directed to remit the
Grant to the Developer in accordance with the terms of the Development Agreement. The
amount of the Grant shall be based on the actual costs incurred by the Developer with respect
to construction of the Developer Improvements and the Dedicated Improvements, as verified by
the officers of the City. The total amount of the Grant shall not exceed $2,200,000, of which not
to exceed $1,015,000 shall be paid to reimburse the Developer for the costs and expenses of
construction of the Developer Improvements and not to exceed $1,185,000 shall be paid to
reimburse the Developer for Dedicated Improvements.
Section 2. Further Authorizations. The officers of the City are authorized and directed to take
any and all actions necessary or convenient to provide for payment of the Grant to the
Developer.
TH
DATED THIS 10 DAY OF MARCH , 2009.
SPONSORED BY:
FINANCE COMMITTEE
Ald. Tracy Snead
Ald. Keith Werner
Ald. Tina Schaefer
This is to certify that this is a true and accurate copy of Resolution #031-2009 which was
adopted by the Common Council of the City of Muskego.
_______________________________
Clerk-Treasurer